[B]Bias: [/B] While 1.6425-50 caps I look for further losses
I couldn't have got yesterday more wrong. The loss of 1.6420-30 was enough to extend losses firmly to reach 1.6358. As long as any correction from here remains below 1.6425-50 we should see losses extend back down through 1.6323 and to the 1.6296 projection. There is a slightly deeper projection at 1.6267 also so keep this in mind, but I prefer the 1.6296 target for now. This should trigger a correction back to 1.6370-00 at least. However, further losses should then develop.
Only a direct break above 1.6450 would concern. There is also the 1.6480-90 pivot resistance but only above here would suggest a move back to 1.6518-43. Below 1.6267 is further support at 1.6220 and then the 1.6165 major swing low.
Please view the complete analysis in the attached PDF file. For a full description of how to use the analysis please see the Analysis page of my website.
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